Nigeria: Lagos Rakes in N1.3trn Igr in 2024
The Lagos State government yesterday disclosed that it generated N1.3 trillion as Internally Generated Revenue (IGR) in 2024, representing a 45% increase from N895 billion in 2023.
And this year, the government said it has raked in N333 billion IGR so far, up from N232bn generated in Q1 2024.
The Commissioner for Finance, Abayomi Oluyomi, disclosed this on Monday during the Ministerial Press Briefing held at Alausa, Ikeja, as part of activities marking the sixth year of Governor Babajide Sanwo-Olu in office.
Oluyomi said N14 billion was collected from the Land Use Charge (LUC), marking a 37% increase in property tax revenue.
He said over 800,000 properties are now captured in the state’s database, following aggressive enumeration campaigns.
The commissioner said the Lagos State Internal Revenue Service (LIRS) has continued to “position itself to expand the tax net, plug leakages and drive sustainable revenue growth; which are vital for financing the state’s growing urban and infrastructural needs.”
He added that the LIRS E-Tax platform has been optimised and expanded to include Stamp Duties, Capital Gains Tax (CGT) filing integration, Geo-Tagging, Report Builder, CAC Integration and Expatriate tracking through (NIS Integration).
“In this challenging macroeconomic environment, Lagos State stands at a critical juncture. With a GDP (Purchasing Power Parity) estimated at $259 billion, Lagos is not only Nigeria’s economic and financial hub but also one of Africa’s largest subnational economies,” he said.
By Daily Trust.
